Bitcoin on the Brink: 85% of Holders in Profit, Euphoria Looms

Profit Party: Is Bitcoin Headed for a Euphoric Hangover?

Hang on to your hats, crypto fans! Over 85% of Bitcoin holders are swimming in profits right now, sparking rumors of a massive cash-out coming soon. This profit party is getting wild, and you don't want to miss the action!

From Dip to Rip: Bitcoin's Supply in Profit Soars

Get this: CryptoQuant's Darkfost dropped the bombshell on Apr. 29, revealing that Bitcoin's "supply in profit" metric has skyrocketed back above 85%. We're talking a major rebound from a recent dip to 75%, a level that's been a rock-solid support zone in past market roller coasters.

Bullish Vibes or Euphoric Overload?

Darkfost isn't sweating it, though. "Having a ton of supply in profit isn't a bad thing," they said. "It usually keeps the bullish vibes going — until we hit that euphoric high." History shows us that once this metric crosses the 90% mark, we're in for a wild ride followed by some serious market hangovers.

Eyes on the Prize: Bitcoin's Euphoria Threshold in Sight

Buckle up, because Bitcoin's supply in profit is charging towards that historic euphoria threshold. "We've seen it time and time again," Darkfost warns. "When we cross 90%, euphoria kicks in, and we're getting dangerously close."

Bitcoin's Price: Caught in the Middle

Right now, Bitcoin's doing the limbo between $94,000 and $95,000. The technical indicators? They're all over the place. The relative strength index is flirting with overbought territory at 66, while the Stochastic RSI is hinting at some trend fatigue. But hey, the momentum and moving average convergence/divergence readings are still screaming bullish!

The Next Big Move: $100K or Bust?

If the bulls can muster up some more mojo, we might see Bitcoin break out above $98,000 and make a run for that elusive $100,000 mark. But watch out — a dip below $89,000 could send it tumbling towards the $85,000 to $87,000 range.

Institutional Players: The Real MVPs

Forget the charts for a second; it's the big players driving this rally. U.S. spot Bitcoin exchange-traded funds raked in a cool $764 million in net inflows last week, according to SoSoValue. And MicroStrategy? They just dropped $1.4 billion on 15,355 BTC, bringing their total stash to over 553,000!

More Big Money on the Way?

Hold onto your seats, because the institutional party is just getting started. Cantor Fitzgerald, SoftBank, Bitfinex, and Tether are teaming up to launch 21 Capital, a whopping $3.6 billion Bitcoin investment venture. With all this big money flowing in, can Bitcoin break through the resistance and keep the party going, or will retail holders' profit-taking kill the vibe? Stay tuned, because Bitcoin's next move is anyone's guess!